Turkish construction company Ağaoğlu İnşaat has laid the foundations of the superstructure of the Istanbul International Finance Center (IFM). A total of $250 million has been spent on the project, wıth the licensing process was completed in March. The project is scheduled to be completed in the year 2018, during which Turkey plans to make a leap in finance.
Mega projects aimed at ensuring Turkey becomes one of the 10 biggest economies of the world by 2023 are continuing at full speed. The final step was laying the foundations of the superstructure of the IFM, which has been developed by Emlak Konut GYO and constructed by Ağaoğlu İnşaat. As part of its investment, Ağaoğlu İnşaat spent $250 million on 800 million-cubic-meters of excavation, common infrastructure, transportation routes and soil improvement works for the project area. With the contribution of banks and other institutions included in the project, the Finance Center will be completed by 2018. According to the signed contract, Ağaoğlu İnşaat will build 448 independent sections with an area of 940,000-square-meters in the private project area in the center. There will be six office buildings ranging between 15 and 30 floors and a 22-floor residence block with 319 1+0, 1+1 and 2+1-type apartments. Additionally, 977 independent sections in the office blocks will be spread across 141,000-square-meters and equipped with state-of-the-art technologies. A 40,000-square-meter area of the 98,000-square-meter shopping mall with 147 commercial units and a 10-cinema multiplex will also be built by Ağaoğlu İnşaat. A nearly 16,000-square-meter conference center with a capacity of 2,500 people will also be built as part of the project. The preliminary design of the project was developed by HOK Mimarlık, and centers or headquarters of the Central Bank of the Republic of Turkey (CBRT), Ziraat Bankası, Halkbank, VakıfBank, TAO - established by the partnership of Tahincioğlu and Abdi İbrahim - the Banking Regulation and Supervision Agency (BDDK) and the Capital Market Board will also be included in the project In a 303,655-square-meter area. It is expected that the IFM, which will be among the most important finance centers in the world, will increase Istanbul's attractiveness as well as Turkey's share in international capital flows.